Where WagerMints applies, and where to get local advice

The general lay of the land

HMRC's Business Income Manual states that betting and gambling do not normally constitute trading (BIM22015, on the principle from Graham v Green, 1925), and that even being a systematic, professional gambler does not by itself make it a trade (BIM22017). A recreational punter is usually outside the income-tax net entirely.

What’s genuinely unsettled

Which bucket applies (betting, miscellaneous income, or a capital disposal) is fact-specific. Paying in crypto complicates it further: a wallet-based Polymarket position can make each trade a chargeable CGT disposal of the crypto itself, even when the bet is untaxed. A UK accountant needs to look at your specific setup.

The general lay of the land

The CRA's Income Tax Folio S3-F9-C1 treats casual gambling winnings as non-taxable windfalls. Activity carried on in a sufficiently business-like, profit-pursuing way can instead be taxed as business income; the line was litigated as recently as 2025 (Fournier-Giguère, FCA).

What’s genuinely unsettled

The casual-vs-business line is fact-specific, and gains on crypto used to enter positions may be capital or business income on their own. A Canadian tax professional should look at where your activity actually falls before you file.

The general lay of the land

ATO ruling IT 2655 sets out that betting and gambling wins are not assessable income unless the activity amounts to carrying on a business; mere system or scale doesn't automatically make it one.

What’s genuinely unsettled

Trading that amounts to a business is taxable, and the ATO treats crypto as a CGT asset: disposing of crypto to enter a wallet-based Polymarket position can be a CGT event regardless of how the bet itself is characterized. Get an Australian adviser to weigh in before you rely on either read.

The general lay of the land

India moved against prediction markets in 2026: authorities classify them as prohibited online money gaming under the Promotion and Regulation of Online Gaming Act 2025, with a blocking order issued for Polymarket (and Kalshi reported next) in May 2026. On the tax side, §115BBJ taxes online-game winnings at a flat 30% with no deduction for losses, with 30% TDS under §194BA.

What’s genuinely unsettled

Which category foreign prediction-market profit falls into (§115BBJ online-game winnings or §115BB gambling/betting income) is unsettled. Funding foreign betting platforms isn't even a permitted purpose under the RBI's Liberalised Remittance Scheme, which bars remittances for gambling and betting under FEMA. Talk to a chartered accountant before you file anything here.